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Oilman Jim's Private Blog



Oil prices have been firming up, making projects more viable now for low cost operators.  It's still difficult for many, but some can make it work at these levels.  More importantly, for those involved in the stock market, it injects confidence and share prices are starting to perform.

On to the news, Diversified Gas & Oil (DGOC) issued a trading update.  Unfortunately, "Rusty" Hutson can't help himself and claims that oil makes up just 1% of their production.  The other 99% is gas, for which the price is improving, he says.  Given previous statements by the company, the only way that can be true is if a large number of their oil wells have been plugged or shut in.  Union Jack Oil (UJO)and Reabold Resources (RBD) reported the Rathlin update to the local community concerning the upcoming West Newton well.  Completion of the access track is expected to take 5 to 6 weeks and "in due course," site construction works will commence and are anticipated to take between 5 and 6 weeks. Drilling of the West Newton B-1 well will commence following completion of the access track, site construction activities and the conductor setting operations. All sounds good so far. Anglo African Oil & Gas (AAOG) announced the completion of the sale of Tilapia to Zenith Energy (ZEN) for £200,000. ZEN crowed about what a great deal it had with AAOG Congo having $5.3 million in receivables. What it didn't mention is that SNPC won't pay them, and also forgot to tell their shareholders about the liabilities of around £2.1 million. AAOG now is a shell and has six months to do some kind of transaction. Either they'll put some old failed project into it, or perhaps something new. The deal actually is less important than people might think. Where the share price goes from here will depend primarily on the structure of the financing. One of the many things I explain in the Special Trading Course available at

Back to other companies, Predator Oil & Gas (PRD) announced final results. The main upcoming project is their Morocco well, in respect of which they remain "drill-ready" awaiting the lifting of COVID-19 restrictions. They're financed for that having conducted a placing at 4p, significantly more than the current share price, but the last convertible loan note conversion was done at 1.329p and there's a lot more outstanding still to be converted. It could be profitable, but it's one to be careful about.

So that's it for the first two days of the week and I'll be back on Sunday with a full blog and podcast covering all the week's news. It's a holiday on Friday, so the private blog will be sent out tomorrow (Thursday) morning. The link for that if you're interested is

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